Administration doesn't mean it goes to zero, it means equity holders (us) get stuffed. Creasy was a shareholder but also the lender and as a creditor, creditors control the administration process.
If it was so easy to find a joint venture partner and raise capital, they would have done it already. The reality is with a major shareholder being also the lender, nothing was going to happen without their approval. This deal sets a fixed date and a somewhat line in sand of value of CZR.
I'm not making any assessment of whether it is a good or bad deal for CZR or FEX shareholders, just simply this was a very neat way out of a very complicated situation.
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